novation

PRONUNCIATION:

(noh-VAY-shuhn)

MEANING:

noun:
The replacing of an obligation, a contract, or a party to an agreement
with a new one.

ETYMOLOGY:

From novare (to make new), from novus (new). Ultimately from
the Indo-European root newo- (new) that is also the source of
new, neo-, novice, novel, novelty, innovate, renovate,
misoneism (fear of change),
and novercal (stepmotherly).